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Life Insurance Advice in Leicester

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Life Insurance Advice in Leicester

With various life insurance products out there, we'll find a policy that ensures peace of mind for your loved ones.

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How does life insurance in Leicester work?

Life insurance, also referred to as life cover or life assurance, offers a valuable safety net for your loved ones in the unfortunate event of your passing or being diagnosed with a terminal illness while covered by the policy. The various types of Life Insurance policies available are designed to provide crucial financial support to your family, covering expenses such as childcare costs, mortgage payments, and bills after your demise.

If you are considering taking out Life Insurance or general mortgage advice in Leicester, don’t hesitate to get in touch with us. Our team of expert protection and mortgage advisors in Leicester is here to assist you. We take the time to understand your unique situation and requirements, enabling us to recommend the most suitable insurance product for your needs.

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Life Insurance Advice in Leicester

Do I need life insurance in Leicester?

This policy proves particularly beneficial for those who have dependents, such as children, and are concerned about their financial well-being once they are no longer around. While it is not obligatory to have life insurance, it serves as a crucial financial safeguard for your family. Considering the policy’s coverage for bills and other expenses, it’s essential to reflect on whether your loved ones would be adequately supported in case of your untimely passing.

Before making any decisions, we strongly advise consulting with a qualified protection and mortgage advisor in Leicester, like our team of experts. By assessing your personal and financial situation, we can collaborate with you to identify the most appropriate and tailored insurance product that best fits your needs and offers you and your loved ones peace of mind.

What is life insurance?

Life insurance is an essential safeguard, offering peace of mind for you and your loved ones in the face of unforeseen circumstances. Our proficient insurance and mortgage broker in Leicester can guide you towards the most fitting policy that aligns precisely with your unique needs and situation.

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Life Insurance FAQs

When should I get life insurance in Leicester?

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During significant life milestones such as purchasing a home, starting a family, or getting married, securing life insurance becomes strongly advisable. By establishing this protective shield, you ensure that your loved ones won’t have to bear unexpected financial burdens should the unexpected occur.

How does life insurance work in Leicester?

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It’s crucial to note that different types of life insurance policies cater to various situations, influencing the payout amount and premiums you’ll pay based on your individual circumstances. The duration of your policy typically involves regular premium payments to the insurance provider.

Drawing upon our expertise as a Protection Specialist in Leicester, we’ve observed that a healthier and younger profile may lead to more affordable quotes. Your age, lifestyle, and medical history play a role in determining the life insurance quote. You can choose between a lump-sum payment or regular installments, depending on your preference.

The advantage of taking out life insurance in Leicester lies in the flexibility of using the payout according to your wishes. Many individuals opt to allocate the funds to settle debts, such as a mortgage, providing financial security for their family.

As mentioned earlier, life insurance serves as a crucial financial support system for family members, compensates for lost income, and clears outstanding debts left in the individual’s name. With the right life insurance policy, you can ensure your loved ones are well taken care of in times of need.

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Our Simple Step by Step Process

Free 30-Minute Insurance Review

Step 1

Are you in search of suitable insurance products to safeguard yourself and your family? Our adept protection and mortgage advisor in Leicester is readily available to assist you.

During our initial meeting, we will delve into your history and gather pertinent details to create a customised plan that aligns with your financial resources.

We Will Search Through Different Insurance Products

Step 2

With our team of seasoned professionals, we have the capability to scour through an extensive array of insurance products, meticulously identifying the one that best caters to your distinct requirements and financial circumstances.

Together, we will construct a personalised plan that accommodates your monthly budget constraints.

Submit Your Insurance Application

Step 3

Once you are content with the product we have recommended, we will proceed with submitting your application to the provider. In certain instances, the policy provider may necessitate supplementary information prior to accepting the application.

If you initially secured your mortgage through our services, we will also review any existing policies you currently hold when you undergo the process of remortgaging.

Protecting You and Your Family

Step 4

As your circumstances evolve, the policies you initially acquired when you obtained your mortgage may no longer be optimal for your situation.

Rest assured, our primary objective is to find you the most appropriate protection in place to address your specific needs. Reach out to us today to schedule your consultation.

Reasons to Choose us

Free Protection Review

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If you're seeking more information on Life Insurance, book yourself in for a free mortgage review. During this appointment, you'll have the opportunity to speak with one of our expert Protection Specialists in Leicester. They will present a range of policies tailored to your needs and family situation, ensuring they perfectly align with your unique circumstances.

1000's of Deals

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For those considering Protection Advice in Leicester, Life Insurance in Leicester could be an ideal choice. Irrespective of the type of cover you opt for, it offers significant benefits, providing reassurance that your family will be financially secure to handle any outstanding debts or payments in the unfortunate event of your passing.

Our Service

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Our team is dedicated to ensuring you find the best policy that serves as a financial safety net for your family's well-being should the worst occur. Opting for Life Insurance in Leicester can alleviate the financial burden for your loved ones during this difficult time.

7 Days a Week

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Drawing from our expertise as a Mortgage Broker in Leicester, we've observed that many of our customers choose to take out Life Insurance along with other policies, depending on their specific circumstances. This approach allows them to tailor a comprehensive protection plan that comprehensively addresses their unique needs and offers complete peace of mind.

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Finding you the Right Life Insurance Deal in Leicester

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Different Types of Life Insurance in Leicester

Level Term Life Insurance

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Term life insurance provides a payout, but it’s only valid for a specific “term” or period. The duration of the term typically ranges from 5 to 25 years in 5-year increments. If you pass away within the policy’s term, it will pay out the death benefit.

This type of policy is commonly utilized to cover a mortgage. Often, the term of the policy aligns with the mortgage term. In the unfortunate event of your passing, if you still have an outstanding mortgage, the policy will provide the necessary funds to pay it off.

By securing term life insurance to cover your mortgage, you ensure that your family members or anyone associated with the mortgage won’t be burdened with making mortgage payments. This way, they can have peace of mind and financial stability during a challenging time.

Decreasing Term Life Insurance

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As a Mortgage Broker in Leicester, we often come across Decreasing Term Life Insurance, which happens to be one of the most popular choices among homeowners.

You might wonder about the advantages of opting for a policy that gradually decreases in value. This type of policy is specifically designed for homeowners with repayment mortgages, which constitutes a significant portion of the population. Typically, individuals take out this insurance to ensure that the outstanding mortgage balance will be covered in the event of their passing.

The value of the policy mirrors the outstanding balance left on your mortgage. As time progresses, both the sum insured and the amount on your mortgage decrease simultaneously, providing a synchronized and practical solution for homeowners.

Increasing Term Life Insurance

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In contrast to the Decreasing Term Life Policy, the Increasing Term Life Insurance offers a different approach. With this type of policy, the payout amount remains intact if you pass away within the fixed term. The key difference lies in the fact that the policy’s coverage increases over time as your term progresses, making it the opposite of the Decreasing Term Life Policy.

The way it works is that the initial amount you are covered for gradually increases as your policy term unfolds. This strategic design aims to safeguard the policy’s total value against inflation, often aligning with the retail price index to ensure adequate coverage.

Whole of Life Insurance

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While the Whole of Life Insurance policy may not be the most popular choice in the insurance market, it can still prove to be highly advantageous and suitable for some individuals. As a Mortgage Broker in Leicester, we understand that each policy has its merits and can be tailored to your specific needs.

As evident from its name, the Whole of Life Insurance covers you for your entire life span. The policy ensures a payout to your beneficiaries upon your passing. Unlike Level Term Life Insurance, this type typically comes at a slightly higher cost, primarily due to its lifelong coverage, as opposed to a fixed term limitation. The premium may be relatively higher since you are guaranteed coverage for your entire life.

Joint Life Insurance

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If you are married or in a relationship, Joint Life Insurance could be a suitable option for you. This policy ensures that a payout is made in the event of either partner’s passing. Alternatively, you still have the choice to opt for two separate Life Insurance policies, but it’s worth noting that the Joint Life Insurance option is often more cost-effective than individual policies.

Death in Service

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With the Joint Life Insurance policy, the payout is triggered upon the death of one person, effectively ending the coverage. While this might be considered a drawback by some, it’s important to understand that if the policy’s purpose was to pay off a mortgage, the funds would still be accessible after the passing of one of the policyholders.

In certain cases, this type of policy may be offered to you by your employer as part of an employee benefit package. However, not all workplaces are obligated to provide this benefit.

Typically, this policy functions by providing a lump sum payout to the employee’s family or a designated individual upon their death. The payout amount can be up to five times the employee’s annual salary. Importantly, there is no specific requirement regarding the use of this money, providing flexibility for the beneficiaries.

It’s crucial to note that the payout from this policy is not contingent on whether the employee died in the workplace or not. The policy’s benefits are not tied to any workplace-related incidents.

Taking out Life Insurance as a Single Homeowner

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Life Insurance options should not be overlooked by single homeowners.

It’s not uncommon for single homeowners to forget about Life Insurance, especially if they have recently settled into a new place and are living alone without dependents or a partner. In some cases, people may choose to ignore it because they believe it doesn’t apply to single homeowners.

However, it’s essential to consider how your circumstances might change in the future and whether Life Insurance could be beneficial to you at that point.

If you are a single homeowner and contemplating Life Insurance or seeking generic mortgage advice in Leicester, don’t hesitate to reach out to one of our mortgage protection and insurance specialists in Leicester. We can provide valuable insights and guidance to help you make an informed decision about whether Life Insurance would be a valuable addition to your financial planning.

Mortgage Guides & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.

UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

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